Jo Stevens defends plans to scrap inheritance tax relief for farm businesses worth more than £1m.
Plans to scrap an inheritance tax exemption for farms worth more the £1m will not be reversed, even though "some farmers in Wales won't be happy", the Welsh secretary said.
"This will impact only on the wealthiest farmers in the United Kingdom and we know the vast majority of our farmers in Wales are small farms.The Farmers' Union of Wales previously expressed "grave concerns" about capping relief on business and agriculture assets at £1m. Exemptions for houses and married couples passing assets on to direct descendants mean it could be a combined £2m of exemptions before any tax is due.Another farming union, NFU Cymru, said the changes will not only cause "lasting damage to Welsh farming and the break-up of family farms, but will also leave farmers with neither the means, confidence nor the incentive to invest in the future of their business".
Asked if criticism from farmers would make the UK government reconsider, Stevens said "it was announced in the Budget this week, and that's what will happen."'Inheritance tax change will cripple family farms'I might not have children due to inheritance tax change
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